Arthur Morgan
Question:242 Deputy Arthur Morgan asked the Minister for Finance the amount that would be saved were he not to pay into the National Pensions Reserve Fund in 2009. [32392/08]
View answerTuesday, 30 September 2008
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Written answers
The National Pensions Reserve Fund (NPRF) Act 2000 requires the Government to make a contribution of 1% of GNP to the NPRF each year. The 2008 Budget provision is for €1,690 million. The same Budget projected a 2009 GNP figure of €178.85 billion, 1% of which would be €1,789 million approximately. A revised estimate for GNP in 2009 will be published with Budget 2009. The contributions to the Fund, which do not count as expenditure for the purposes of calculating the General Government Balance, are invested on a long-term basis in order to meet as much as possible of the cost to the Exchequer of social welfare and public service pensions to be paid from 2025 until at least 2055.